Governor Andrew M. Cuomo today traveled to Schenectady and Sullivan Counties to celebrate the Gaming Facility Location Board's decision regarding the new resort gaming destinations that were selected for each of the regions. The Governor joined local leaders to highlight the new jobs and investment, as well as revenue for local governments and school districts that will come to the regions as a result of these facilities. "With yesterday's decision by the Gaming Facilities Location Board, New York State is a step closer to realizing the economic benefits of resort gaming destinations," Governor Cuomo said. "These projects – all funded entirely by private developers - will create thousands of local jobs, drive economic development in surrounding communities, support small businesses, and create new tax revenue to support local governments and school districts. I congratulate the winning bids and host communities, and commend the members of the Gaming Facilities Location Board for their hard work." The Gaming Facility Location Board recommended three applications for review by the New York State Gaming Commission:
- Montreign Resort and Casino, to be located in Sullivan County
- Rivers Casino & Resort at Mohawk Harbor, to be located in Schenectady County
- Lago Resort & Casino, to be located in Seneca County
With a combined capital investment of more than $1.3 billion, it is expected that the three casinos will create more than 3,600 permanent jobs, with approximately 1,300 in Schenectady County, 1,050 in Sullivan County, and 1,250 in Seneca County. Construction will require nearly six million man hours, creating thousands of additional jobs. The Governor signed legislation in July 2013 mandating that 80 percent of the State's net tax revenue from casino gaming be used for elementary and secondary education in addition to existing state aid or property tax relief. In addition, 10 percent of the State’s gross tax revenue will go to each applicable region where the casinos are sited for local government assistance, and 10 percent to be split between the host county and host municipality. Based on the estimates of the applicants, these facilities will generate $212 million annually for education, and each eligible region and host county/municipality will receive between $8 million and $10.3 million annually. Licensing fees are expected to produce $151 million.